4 fixed income sources every Gen Z needs for stability

livemint.com:

Gen Z, the generation born between the mid-1990s and the early 2010s, is entering adulthood in a world characterised by significant financial uncertainty. The lingering effects of the global financial crisis, coupled with rising student loan debt, a gig economy with fluctuating income, and an ever-increasing cost of living, have created a challenging financial landscape for this young generation. In this environment, having a fixed income source becomes a critical factor in establishing stability and building a solid financial foundation.

The most immediate benefit of a fixed income is its contribution to effective budgeting. With a predictable paycheck, Gen Z can allocate funds for essential expenses like rent, utilities, groceries, and transportation. This allows them to plan their spending more effectively, ensuring they can meet their basic needs without living paycheck to paycheck. 

Additionally, knowing their income allows them to designate funds for savings goals and even allocate a portion for discretionary spending on entertainment or personal development. This financial predictability fosters a sense of security and reduces stress, allowing Gen Z to focus on their education, career development, and long-term financial goals.

Furthermore, a fixed income source is crucial in establishing a positive credit history. Credit scores heavily influence a person's access to important financial products and services. Renting an apartment, securing a car loan, purchasing a home, or even obtaining certain types of insurance all hinge on a good credit score. 

By demonstrating a consistent ability to manage debt through timely payments on rent or utilities, Gen Z can build a strong credit history. This paves the way for